Editors' pick: Originally published July 28.
Where can can someone turn for peace as they do their best to save and prepare for retirement?
Over 10,000 baby boomers retire each day, and the majority have asked or will ask themselves how they can have a happy retirement. This will largely depend on how they prepare.
The greatest form of happiness during retirement comes from knowing money will show up monthly to cover expenses. Watching your principal deplete is stressful. To ensure the income never stops, you must have a plan in place with all your assets working in harmony.
Joshua Mellberg, president and found of J.D. Mellberg Financial says, "the key to a happy retirement is being able to do the things you love, with the people you love and not having anything stand in your way."
Mellberg continues, "Before you reach retirement age, you should already have a track record of well-thought-out investment and saving decisions. You'll need to understand not only your current expenses, but also those that are likely to occur in the future."
"Over time during your career, your income is expected to increase, which means the amount of money you are putting towards retirement should increase, as well. You'll want to look at certain options available to you, such as delaying social security benefits and purchasing annuities."
Having access to investments or programs with a proven track record is imperative. Although most retirees will have more time to manage their own money in retirement, they don't always have the experience to make wise decisions. Too many people have damaged their financial situation by trying to manage their own money after letting someone else do it for most their lives.
They will also want to search for income-producing assets and programs. Most people will be happy the rest of their lives if they always have enough money to live on. It's the market loss or disruption on growth or dividends or income that hurt the most. The 53% market loss during the great recession forced many retired Americans back to work.